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Mona E Dajani. Editor John Riches. There is no doubt that the increased cost and complexity of regulation is driving trends towards simpler structures with fewer layers and involving fewer jurisdictions. The theme of ever-greater levels of transparency and increased complexity of overlapping regulation continues. The dichotomy between Western Europe and the United States, in terms of their different approach to these issues, also remains very apparent to observers. The second edition of the Review provides a practical analysis of recent legal and regulatory changes and developments, and of their effects, and looks forward to expected trends in the area of virtual currencies on a country-by-country basis.

It is not intended to be an exhaustive guide to the regulation of virtual currencies globally or in any of the included jurisdictions. Instead, for each jurisdiction, the authors have endeavoured to provide a sufficient overview for the reader to understand the current legal and regulatory environment.

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Editor Paul Dickson. This continues to be a period of change and uncertainty for the asset management industry, as funds and managers act to comply with regulatory developments and investor requirements, and adapt to the changing geopolitical landscape. The world of asset management is increasingly complex, but it is hoped that this edition of The Asset Management Review will be a useful and practical companion as we face the challenges and opportunities of the coming year.

Islamic finance and issues in Sharia law

Editor David J Goldschmidt. This publication introduces the reader to the main stock exchanges around the globe and their related initial public offering IPO regulatory environments, and provides insight into the legal and procedural IPO landscapes in 18 different jurisdictions.

Each chapter gives a general overview of the IPO process in the region, addresses regulatory and exchange requirements, and presents key offering considerations. Editor Christopher Mallon.

We are very pleased to present this twelfth edition of The Restructuring Review. As with the previous editions, our intention is to help general counsel, private practice lawyers and the public sector understand the conditions prevailing in the global restructuring market in , and to highlight some of the more significant legal and commercial developments and trends that have been evident in recent years, and that are expected to be significant in the future.

Islamic Finance

Editor Azadeh Nassiri. This fifth edition contains contributions from leading practitioners in 25 different countries. We would like to thank each of the contributors for taking the time to share their expertise on the developments in the corporate lending and secured finance markets in their respective jurisdictions, and on the challenges and opportunities facing market participants. Editors Steve Edge and Dominic Robertson.

This publication aims to give readers a high-level overview of the principal transfer pricing rules in each country covered in the Review.

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Editor David F Asmus. Many of the classic project finance texts are becoming increasingly dated as the years go by, while project finance itself continues to evolve with the markets it serves. The purpose of this volume is to provide a living guide to project finance that will be updated on a regular basis, while still tackling the core project finance concepts that every practitioner needs to understand. Mudaraba offers specialist investment by a financial expert in which the bank and the customer shares any profits. Customers risks losing their money if the investment is unsuccessful, although the bank will not charge a handling fee unless it turns a profit.

Murabaha is a form of credit which enables customers to make a purchase without having to take out an interest bearing loan. The bank buys an item and then sells it on to the customer on a deferred basis. Musharaka is an investment partnership in which profit sharing terms are agreed in advance, and losses are pegged to the amount invested. As a result of these developments Islamic financial institutions have developed a vast range of products designed to serve the growing market.

These cater for housing and consumer finance, business loans and project funding. Lately, Malaysia and Bahrain have been instrumental in launching tradeable securities. These should create much needed liquidity and a secondary market for institutional investors in the Islamic finance market. This initiative of D-8 countries laid the foundation of the regulation of the Islamic Finance market on a consistent basis. As was to be expected the major instruments utilized by the Islamic banks are those which approximate closely to those in the conventional banking market. In particular, there is still a dearth of pure risk sharing instruments where gains and losses are shared equitably between investors and operators.

With the emergence of quoted tradable instruments this anomaly is expected to be addressed in the next generation of products. Following a long period of consultation and advocacy, agreement is close to allow such products to be launched on a competitive basis in many countries. It is expected that within the next months one will see many such products being marketed from high street financial institutions in many non-Muslim countries.

This is expected to be followed by similar initiatives amongst the twenty million Muslims in Europe and the United States.

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Banks are hoping to attract business from Muslims living in their homeland. By contrast, Islamic banking exists to further the socio-economic goals of Islam. Accordingly, Sharia-compliant finance halal , which means permitted consists of profit banking in which the financial institution shares in the profit and loss of the enterprise it underwrites.

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Of equal importance is the concept of gharar. Defined as risk or uncertainty, in a financial context it refers to the sale of items whose existence is not certain. Examples of gharar would be forms of insurance, such as the purchase of premiums to insure against something that may or may not occur or derivatives used to hedge against possible outcomes. Below is a brief overview of permissible financing arrangements often encountered in Islamic finance:.

Traditional insurance is not permitted as a means of risk management in Islamic law. This is because it constitutes the purchase of something with an uncertain outcome a form of ghirar and because insurers use fixed income - a form of riba - as part of their portfolio management process to satisfy liabilities. A possible Sharia-compliant alternative is cooperative mutual insurance. Subscribers contribute to a pool of funds, which are invested in a Sharia-compliant manner. Funds are withdrawn from the pool to satisfy claims, and unclaimed profits are distributed among policyholders.

Such a structure exists infrequently, so Muslims may avail themselves of existing insurance vehicles if needed or required. Islamic finance is a centuries-old practice that is gaining recognition throughout the world and whose ethical nature is even drawing the interest of non-Muslims. Given the increased wealth in Muslim nations, expect this field to undergo an even more rapid evolution as it continues to address the challenges of reconciling the disparate worlds of theology and modern portfolio theory. International Markets. Fixed Income Essentials.

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